"This deal is a game-changer for Malaysia Airlines with much lower costs and greater efficiency which we will pass on to our loyal customers with lower fares," said Malaysia Airlines Chief Executive Officer Peter Bellew. "With the 737 MAX's longer range capabilities, we will be able to connect our passengers to more destinations, in greater comfort and with superior economics."

The Malaysian national carrier has operated almost every derivative of the 737 airplane family and took delivery of its 100th 737 in December 2014. Malaysia Airlines currently operates 56 737-800s.

"The 737 MAX will continue the superior operating economics and reliability of the 737 that Malaysia Airlines has depended on for more than 40 years," said Dinesh Keskar, senior vice president, Asia Pacific & India Sales, Boeing Commercial Airplanes. "We are honored to continue our long partnership with Malaysia Airlines and welcome them to the growing 737 MAX family."

"Malaysia Airlines is now on a path to growth across the Asean region," said Bellew. "This new aircraft order will set the stage for our continued recovery and success into the next decade."

The 737 MAX will deliver 20 percent lower fuel use than the first Next-Generation 737s and the lowest operating costs in its class – 8 percent per seat less than its nearest competitor. The new single-aisle airplane incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets and other improvements to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market.